If you’re thinking about selling a liquor store business, then there are plenty of considerations, including how to account for your remaining inventory. This is important to both you and the buyer. Both of you should know the value of the items in your store to help guarantee a fair exchange.
What do you need to know about inventory when selling your liquor store?
Selling a Liquor Store Business: Gaining an Accurate Inventory
If you can get a firm grasp of what’s on your books in your liquor store, you’ll avoid confusion and get a better bang for your buck when selling it. If you’re dealing with a savvy buyer, they should be asking for verification of your numbers. This may make or break the deal.
They may want to know if something is popular in your area as well as how to service big clients like restaurants. This means that they’re going to approach you with a lot of questions about your inventory, which behooves you to get it right. Plus, you’ll need to have an accurate inventory if you want to sell for what it’s worth.
For these reasons and more, Monarch dedicates a branch of our business to handle the inventory to assist in the ownership transition process.
Common Liquor Store Inventory Problems
Unfortunately, we see many liquor stores and smaller businesses struggle with proper record keeping. This can be very detrimental, especially when it comes time to sell the business. If invoices weren’t tracked properly or records weren’t updated consistently, they may not be able to accurately report what they have or know what they pay for certain products.
The bottom line is that if you can’t get an accurate dollar figure on the specific items in your store, you’ll never be able to value them properly.
We help liquor stores overcome this discrepancy by compartmentalizing their business into discernible segments. This usually means organizing everything by departments such as beer, spirits, wine, etc. Doing this will greatly help you to keep track of what you have, what you’re out of, and what you need to buy.
Two Services That Help with Selling a Liquor Store Business
As you might know, Monarch is in the business of inventory and making life easier for liquor stores, convenience stores, warehouses, and more. One of the best ways we do this is by helping businesses audit their inventories in a couple of ways.
- Financial Count: This is a quick, efficient way of getting insights into the financial value of each of your department categories.
- Scanning/Item-Level Inventory: With this method, each item’s UPC will be scanned. This level of detail will take more time but the results will give you a much more in-depth look at the inventory levels.
Since there can be disagreements about the value of various items, this is your opportunity to have solid information to present to your prospective buyer. Reliable financial records always make doing business easier because then both parties know what they’re buying/selling. Don’t forget that when you use our trusted services, you can expect 99.99% accuracy throughout the process.
Monarch: Best-In-Class Service for Inventory Management
Monarch makes inventory management so much easier for all sorts of businesses, but we spend much of our efforts on assisting liquor stores. This is a valuable service even when you’re ready to sell your business. When you’ve found a buyer and are ready to ink the deal, it really helps to have the best possible account of your store’s value.
We encourage you to remove the guessing games from the equation and allow us to help you get your books right. This has been our goal for more than three decades in the business. Monarch combines the use of sophisticated, cloud-based inventory software along with good customer service from a real person to handle every job we do.
We hope that you’ll keep us in mind if you’re selling a liquor store business and contact us if you need help with inventory matters.